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Tax Benefits of Donations

December 14, 2017
By Deb Daley

The holidays are approaching rapidly and there’s no better time in the year to share your spirit of giving. In fact, an estimated 75 percent of Americans usually donate to their favorite causes at the end of the year and as part of the holidays. To benefit from that predisposition to give, Mercy conducts an end-of-the-year appeal. This year our appeal focuses on a former student who benefitted from tuition assistance and is now being successful in college.

A gift to Mercy High School can also turn into tax savings. In order to claim donations to charity and non-profit organizations on your tax return, you'll need to itemize your deductions and provide proof that those donations are going to a qualified charitable organization. Mercy High School is a qualified organization under federal law and if you donate to our school you will receive documentation of your gift. This can be used on your tax return. If you prefer to donate online you can do so here.

Additional tax benefits can also be generated when you make gift

commitments or bequests through a will or trust, or through beneficiary designations for qualified retirement plan such as your 401(k) or IRA, or through life insurance. Many types of real estate assets or stocks can also be donated to Mercy generating tax benefits for you while helping further Mercy’s educational mission. Indeed, many people donate appreciated stock. The process is very simple.

If you have questions about donation or your tax benefits, contact Jim Pogge, Vice President for Advancement at 402 553.9424 or email him at poggej@mercyhigh.org.